Findwhosabi News reports that the Naira opened at ₦1484.37 per $1 on Thursday, June 6, and closed at ₦1483.99 per $1 on Friday, June 7, 2024, according to FMDQ Security Exchange data. In the black market, the Naira is trading as high as ₦1,490 per Dollar.
The Central Bank of Nigeria (CBN) has unified all foreign exchange market segments into the Investors and Exporters (I&E) window. This move, announced on June 14, 2023, aims to streamline FX applications and transactions, maintaining the “Willing Buyer, Willing Seller” model at the I&E window.
CBN’s new guidelines include the removal of trading limits on oversold FX positions, reintroduction of two-way quotes, and ensuring transparency through an order book system. These changes signal a shift towards a free-floating exchange rate, allowing market forces to determine the Nigeria currency value.
